the man who runs the business, jonathan gray. and he joins us. nice to have you here. >> nice to be here, david. >> talk rates. because that's the key focus broadly speaking for everybody and real estate. the backup in rates in a very short amount of time. what does it mean for your business, your portfolio, the ability to borrow and lend and everything else? >> well, i think everybody when's looking out there starting to get a little nervous about rates going up across asset classes and real estate in particular but think about real estate as a combination of both the yield it pays and potential growth in cash flows and looking historically, commercial real estate performed well when the economy's been growing. and so, when we look out there, we say, look, yes, it's a difficult rate environment as it starts to move up but when owe look at the fundamentals of the properties, because of the lack of new supply, commercial real estate's likely to perform fairly well going forward and we're calmer about it focusing on supply and demand and the supply